Novartis upbeat on industry prospects

This year will be a watershed for pharmaceuticals, and the sector is moving in a positive direction after intensive regulation in the past year, an industry figure said yesterday.

James Deng, president and CEO of Beijing Novartis Pharma Ltd, the highest-ranking Chinese in the top multinational drug maker, said yesterday that the Chinese government's decision to reveal its healthcare system reform plan within the year will create a clear and orderly environment for the industry.

Last year, China launched a massive campaign to curb the rising trend of healthcare service bills and to stop corruption in the industry, which even saw the State Food and Drug Administration chief under investigation as well as many officials, doctors and sales representatives of pharmaceutical companies.